Islamic (or swap-free) account – is a trading deposit compliant with Sharia Law, which prohibits paying or receiving capital interest. Such accounts were developed especially for traders who adhere to Islamic religious norms. In a usual trading process, if you keep a position open through the end of a trading day, you will be paid or charged interest (a swap). This contradicts the Sharia norms. An Islamic account removes this obstacle by automatically closing all deals at 22:00:00 GMT and immediately reopening them at 22:00:01 GMT to avoid paying or receiving capital interest.
Thus, an open position is removed to the nest 24-hour period, but the account holder won’t pay any fees for that. In this case, the transaction result can be influenced only by exchange rate fluctuations.
The absence of swaps is the only feature that makes such a deposit different from a usual trading account. All other functions and abilities of these deposits are totally identical. Holders of swap-free accounts can use the “leverage” service, hedge their positions, replenish accounts or withdraw their funds, etc.
To open an Islamic account, register a traditional trading deposit by clicking on the link below. After that, contact our support service by email - [email protected] with a request to make your deposit swap-free.